Export to yes. Import from or view no. Unless you use the $4,500 CAD extension mentioned by Mapperz.
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JakubApr 5 '11 at 14:41

You can view the KML inside ArcGlobe without translation (yes I know, not ArcMap). ArcGlobe has a KML toolbar to load the KML. At 10, 10.1 and onwards KML is supported in ArcMap trough conversion to features (no native rendering of the KML). Possibly in the future there will be native support, but its not on the radar at this time.
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KHibmaApr 5 '11 at 17:55

@Mapperz: shouldn't your comment be an answer? It's the only one that actually answers the question.
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Jay CumminsMay 23 '11 at 23:03

Most KML/KMZ readers store the features in the Geodatabase for viewing. Arc2Earth seems to be the best way to read and write KML/KMZ so I'm not sure there is much of a problem converting back and forth.

This is an old post. pretty easy import as follows: arcmap 10.x > arc toolbox > conversion tools > from kml > kml to layer. drill down to the kml file. specify the output file and it will magically appear in your map as an editable layer.

Clearly you have been using GDAL/OGR to manipulate several vector
formats through the command line. Spatialite, Google Fusion Tables,
KMLs, PostGIS are easily available. But what if you want to use any
of those formats in ArcGIS? Fear not, you can use AmigoCloud’s OGR
Plugin for ArcGIS. It is free and Open Source and it just happens that
I added a few new features that will make it easier to use. You can
use the Add data button to load data from either a file, or an OGR connection string.
Adding data from Spatialite, KML/KMZs or Google Fusion tables was never this easy.